Prevent Foreclosure

Homeowners struggle and fall behind in paying their mortgages because of three primary reasons:

Regardless of the situation, here are some helpful tips to evaluate your mortgage status and avoid foreclosure:

Understand Your Loan

If you have a fixed-rate mortgage, your payments will remain the same throughout the life of your loan. If you have any types of adjustable rate mortgage (ARM) including interest-only; balloon; and two-step mortgages; your monthly payments will change. You must understand how and when these changes will begin affecting your monthly household budget.

Know Your Rights

If you are unable to make payments, immediately locate your loan documents to determine what your lender can do. For free assistance in understanding your loan documents, contact the Homeownership Preservation Foundation, a non-profit organization dedicated to helping homeowners prevents foreclosure. Visit http://www.995hope.org or call their hotline at (888) 995-HOPE.

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